DEFINED CONTRIBUTION FOR THE OVERALL BENEFIT PLAN DESIGN: BenefitPlace.com and BPTradeShow.com have experienced several Critical Parts to a successful Defined Contribution Benefit Plan Design:
(1) Working with the CFO to determine the Benefit's Dollar/Credit Allocations;
(2) Building a Menu of Benefit Choices to meet the needs and price points of the Employees;
(3) Sound tax and regulatory advice;
(4) A management support "Buy-In";
(5) Family involvement;
(6) An integrated Education, Communication, Enrollment and Data Management process;
(7) The Employee "Choices" must be offered on an "unbiased" platform whether one-on-one, in group meetings, web-based, call center, etc.
Please help us add to the list!
It sounds difficult but can be successfully implemented by putting the pieces together. Tremendous savings and satisfaction can be created for the Employer and the Employees.
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